UBS Group Issues Positive Forecast for Upwork (NASDAQ:UPWK) Stock Price

Upwork (NASDAQ:UPWK) had its price objective upped by equities researchers at UBS Group from $17.00 to $18.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target points to a potential upside of 3.51% from the stock’s previous close.

Other analysts have also issued reports about the company. The Goldman Sachs Group raised their price objective on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research boosted their price target on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Citigroup boosted their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Finally, Piper Sandler reiterated an “overweight” rating and set a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.36.

Upwork Stock Performance

NASDAQ UPWK traded up $0.07 on Wednesday, hitting $17.39. 2,111,446 shares of the company’s stock traded hands, compared to its average volume of 2,803,699. The firm has a market capitalization of $2.32 billion, a PE ratio of 27.60 and a beta of 1.58. The firm’s 50-day moving average price is $13.20 and its two-hundred day moving average price is $11.46. Upwork has a 1-year low of $8.43 and a 1-year high of $17.79. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. During the same quarter in the prior year, the firm posted $0.12 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts expect that Upwork will post 0.65 EPS for the current year.

Insider Transactions at Upwork

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. This trade represents a 60.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hayden Brown sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.00, for a total value of $255,000.00. Following the transaction, the chief executive officer now directly owns 1,181,221 shares of the company’s stock, valued at $20,080,757. The trade was a 1.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 214,808 shares of company stock worth $2,756,163. 7.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Upwork

Large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Upwork by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company’s stock worth $1,553,000 after purchasing an additional 5,050 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Upwork by 19.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 59,172 shares of the company’s stock worth $636,000 after purchasing an additional 9,787 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Upwork during the 2nd quarter valued at $2,111,000. Bristlecone Advisors LLC increased its position in Upwork by 89.1% during the second quarter. Bristlecone Advisors LLC now owns 23,231 shares of the company’s stock worth $250,000 after buying an additional 10,945 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Upwork in the second quarter worth $54,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

About Upwork

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company’s work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.